LondonMetric Property and Schroder Real Estate Investment Trust (SREIT) have agreed in principle on a joint all-share offer for Picton Property Income valuing the U.K. REIT at approximately £403.4 million ($546 million).
The consortium said the transaction would retain Picton’s portfolio within the U.K.-listed REIT market while providing shareholders exposure to two larger property platforms. The companies also said the deal is expected to strengthen SREIT’s balance sheet and be earnings accretive for both acquiring firms.
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